Property Details
2421 98th Avenue Ct E
Edgewood, WA 98371
$2,500,000
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Property Overview
Rare multi-family and development opportunity in sought-after Edgewood. This fully renovated 5-plex has been extensively upgraded with new electrical and plumbing throughout, offering a turnkey investment with strong rental appeal and reduced future maintenance. The offering includes an additional parcel (#0420094003) totaling approximately 23,522 square feet, presenting significant potential for future development, additional units, or expansion (buyer to verify). Whether you're looking to hold for steady cash flow or unlock the site's full potential, this property offers a unique combination of current income and long-term development upside. Ideally located near key commuter routes, shopping, and employment centers, this is a strategic acquisition for investors seeking both stability and growth.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Pierce
Neighborhood
Edgewood
Listed
Apr 9, 2026
Financial Summary
Cap Rate
5.40%
Net Operating Income
$135,817
Gross Scheduled Income
$160,800
Gross Rent Multiplier
15.50
Total Expenses
$24,983
Building & Use
Building Sq Ft
6,447
Leasable Area
6,447 sqft
Total Units
5
Zoning
Multi-Family,Residential
Possible Use
Multi-Family, Residential
Lot Size
5.00 acres
Year Built
1973
Exterior & Lot
Lot Size
5.00 sqft
Year Built
1973
Garage
8 spaces
Exterior Materials
Wood
Parking
RV Parking
Sewer
Sewer Connected
Water Source
Public
Lot Features
Dead End Street, Paved
Exterior Features
Wood
Location
City
Edgewood
County
Pierce
Coordinates
47.23496, -122.29806
Additional Information
Tax Year
2025
Annual Taxes
$14,370
Possession
Array
Based on information submitted to the MLS GRID as of April 25, 2026 5:11 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
